Business
Petrol Price Stands At N750.17 In June -NBS
The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N545.83 in June 2023 to N750.17 in June 2024.
It made the declaration in its Petrol Price Watch for June 2024 released in Abuja yesterday.
It stated that the June 2024 price of N750.17 represented a 34.77 per cent increase over the price of N545.83 recorded in June 2023.
“Comparing the average price value with the previous month of May, the average retail price decreased by 2.53 per cent from N769.72.”
On state profiles analysis, the report said Benue paid the highest average retail price of N854.55 per litre, followed by Jigawa and Rivers at N847.00 and N810.00, respectively.
“Conversely, Lagos, Kwara and Ogun paid the lowest average retail price at N626.94, N650.00, and N670.63, respectively,’’it stated.
Analysis by zones showed that the South-South Zone recorded the highest average retail price in June 2024 at N794.64 while the South-West recorded the lowest price at N696.42 per litre.
The NBS also stated in its Diesel Price Watch Report for June 2024 that the average retail price was N1,462.98 per litre.
It said that the June 2024 price of N1,462.968 per litre amounted to a 79.32 per cent increase over the N815.83 per litre paid in June 2023.
“On a month-on-month basis, the price increased by 4.20 per cent from the N1,403.96 per litre recorded in May 2024,’’ it added.
On state profile analysis, the report said the highest average price of diesel in June 2024 was recorded in Niger at N1,979.23 per litre, followed by Cross River at N1,920.86 and Taraba at N1,742.46.
On the other hand, the lowest price was recorded in Lagos at N1,210.77 per litre, followed by Ogun at N1,239.17 and Abuja at N1,240.00.
In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,659.07 per litre, while the South-West recorded the lowest price at N1,280.54 per litre.
Business
NCDMB Recommits To Youths’ Capacity Building
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola-Ogbe, has reeled out initiatives evolved by the Board in its contribution towards capacity building for youths across the country.
The NCDMB Scribe revealed this recently at the 2024 Practical Nigerian Content (PNC) Youth Forum held in Yenagoa, the Bayelsa State capital.
Tagged “empowering the future: unlocking the opportunities in the Niger Delta oil and gas sector”, the event featured three thematic lecture series delivered by the founder and leader of the Niger Delta Peace Coalition (NDPC), Mr. Zik Gbemre, the Bayelsa State Commissioner for Youths Development, Mr. Alfred Kemepado Nimizigha, and the Chief Executive Officer, PE Energy ltd., Mr Daere Akabo.
Ogbe, who was represented by the Manager, Capacity Building of the Board, Mr. Olugbenga Sheba, noted that the NCDMB has recently partnered the Nigerian Liquified Natural Gas (NLNG) to commence the Nigerian Content Human Capacity Development (NC-HCD) in the oil and gas sector for the training of 331 young graduates.
“As you already know, the NCDMB was established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
“Our mandate is to develop human capabilities and material capacities in the Nigerian oil and gas industry, and to monitor and enforce compliance with the provisions of the act”, the NCDMB Scribe said.
“The theme for this year’s youth event is ‘Empowering the future: Unlocking the opportunities in the Niger Delta Oil and Gas Sector’. This theme speaks to our determination and ongoing efforts to introduce youths from the Niger Delta to opportunities that abound in the oil and gas industry.
“Few weeks ago, we partnered the NLNG to kick start the Nigerian Content Human Capacity Development (NC-HCD) basic training programme for a total of 331 young graduates. The training covers ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and working at Height, Quality Management Systems, Marine and offshore services and Facility Management and Maintenance.
“We also organised training for youths with the Industrial Training Fund (ITF), WalterSmith Petroleum, and other organizations. And as part of the NCDMB’s initiatives in the Niger Delta, we’ve developed two oil and gas parks at Emeyal one in Ogbia Local Government Area of Bayelsa State, and Odukpani in Cross River State”, he added.
By: Ariwera Ibibo-Howells, Yenagoa
Business
FGC, Warri Wins NCDMB, ICPC Maiden Anti-Corruption Schools Debate
The Federal Government College, Warri, Delta State, has won the maiden ‘’Anti-Corruption” debate organised for select Secondary Schools across the six geopolitical zones of the nation by the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the Independent Corrupt Practices and other related offences Commission (ICPC) at the Content Tower, headquarters of the Board, Yenagoa, Bayelsa State.
The Tide reports that at the debate umpires said following the evaluation from the presentations by the two finalists, Federal Government College, Kazaure, Jigawa State, scored a total of 74.4 points as first runner-up while the Federal Government College, Delta State garnered 76.4 points to emerge winners.
Other schools that participated in the various stages of the debate leading to the finals were Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State; Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
The Tide further reports that the theme for the 2024 International Day of Anti-Corruption was, “Effective Whistleblower Protection Mechanism: A Critical Tool in the Fight Against Corruption”, while topic for the debate was, “Impact of integrity on the expansion of public trust and confidence in governance.
Earlier in his keynote address, the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, restated the Board’s stance against corruption, noting that fighting corruption is a must for the Board.
He reaffirmed his commitment to ideas and programmes geared towards putting an end to corruption within the system, and lauded the Federal Ministry of Education for approving the participation of students in the event.
While commending the ICPC for their support and continuous oversight over the activities of the Anti-Corruption Unit (ACTU) of NCDMB, Ogbe also thanked the anti-graft unit of the Board for putting the event together, noting that they were doing well in their efforts at combating corruption.
“To be clear on what today is about, we’re marking and celebrating International Anti-Corruption Day (IACD), with focus on raising the consciousness of our youths on the ills of corruption and how it stunts the socio-economic development of any Nation.
“This is to send a strong message for extra vigilance by all of us in combating the menace of Corruption from all fronts”, the NCDMB boss said.
By: Ariwera Ibibo-Howells, Yenagoa
Business
Free Meter Distribution: FG Deducts N700bn From Federation Account
The Federal Government has earmarked N700billion from the federation account to implement the distribution of free electricity meters under the Presidential Metering Initiative.
This was disclosdd by the Special Adviser to the Minister of Power on Strategic Communications and Media, Bolaji Tunji.
Tunji, who, in a chat with The Tide’s source noted that the PMI was on course with a target to deliver two million meters yearly, also revealed that the amount reserved for the project had reached N700 billion and procurement had started.
“The Presidential Metering Initiative is still on course. Two million meters every year, delivery of the first batch will start by the first quarter of next year. About N700billion provision has been made, and the money is ready”, he said.
He further revealed that the government would fulfil its promise to deliver 1.3million electricity meters out of the 3.2 million meters under the World Bank Distribution Sector Reform Programme initiative this month, saying that “The DISREP programme will commence this month”.
An analysis of the Federal Account Allocation Committee meeting minutes obtained by our correspondent between April and August showed that the government had saved N420billion from a monthly deduction of N100billion.
The amount deducted from the monthly federation revenue before allocation to the three tiers of government was aimed at bridging the metering gap in the country, which currently stands at 50 per cent.
Recall that N120 billion was deducted from April revenue as the first tranche for the PMI, bringing the amount deducted from the federation account for the initiative as of August to N420billion.
In May, the Minister of Power, Adebayo Adelabu, said the government would provide an initial N75billion as seed capital while the Nigerian Sovereign Investment Authority pledged to inject N250 billion annually for the initiative.
The Minister also disclosed that the initiative would leverage debt financing from diverse financial institutions to bolster the PMI’s resources.
The Managing Director of Abuja Distribution Electricity Distribution Company, Mr. Victor Ojelabi, recently said the PMI would unlock about N1trillion in revenue currently tied up in the Nigerian Electricity Supply Industry due to a large number of unmetered customers.
Under the initiative, the Nigerian Electricity Regulatory Commission announced the approval of N21billion for the 11 electricity Distribution Companies to provide meters for end-use customers at zero cost.
The Distribution Sector Recovery Programme is a comprehensive initiative aimed at addressing the challenges and inefficiencies within Nigeria’s electricity distribution sector.
Recently, the NERC acknowledged that the country’s metering gap remains substantial despite installing 3.03million meters since privatising the power sector in 2013.
It said 6.15 million out of 13.33 million registered customers had been metered, bringing the metering rate to 46.14 per cent in 2024.
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